A List of Mortgage Closures, Mergers and Layoffs

So why are all these mortgage companies consolidating, laying off employees, sending out scary warnings, and going out of business?

Well, a recent statistic revealed that 2.33% of all US mortgages are currently delinquent, a number which is sure to rise over the next several years. And mortgage repurchase requests have tripled between the first and second quarter of 2006 alone thanks to shoddy underwriting.

Not to mention declining home values in almost every metropolitan area throughout the United States, sky-high home prices at time of origination, rising mortgage rates, rampant fraud, a deteriorating secondary market, and unmanageable mortgage payments.

I recently began adding mortgage lenders from parts of the world other than the United States, as well as companies that remain open but have been affected seriously by the mortgage crisis in one way or another.

According to a recent report, there were some 86,126 mortgage job cuts in 2007, with another 30,000 to 40,000 expected by early 2008.

Even though it has been roughly a decade since the downturn began, mortgage companies are still facing the consequences of getting involved in what was then a very risky housing market. Amazingly, we continue to see layoffs and closures driven by what transpired many years ago.

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 12 years.

23 Comments

DouglasOctober 12, 2017 at 3:18 pm -

Trying to find the link between Metrociti Mortgage Corp. and GMAC sometime around Feb 2003, or before.

Metrociti issued loan on a Mexican residence, probably Homecomings Financial got it somehow around Feb 03, then payment went to GMAC from Aug 2010 until Ocwen since May 2013 and now is with another with whom we are trying to pay off and sell.
Property is in Trust in Mexico and Fiduciary will not release until Metrociti is linked to GMAC…

LynnAugust 25, 2017 at 11:28 am -

Does anyone know who is servicing Washtenaw Mortgage loan I need a release for a loan that was paid off in 2008 and never released

RebeccaJuly 6, 2017 at 9:38 am -

Anyone know where I can find information on if Chase bought mortgages from Source One Mortgage Services Corporation?

staceyMay 15, 2017 at 1:28 pm -

Hello I’m selling my house and have been informed that I have a lien on my title from Aames Funding Corp.
I can’t find anyone to help me clear this up. My mortgage is with Wells Fargo and they are trying to sort this out but time is the critical factor. I know Ocwen took over Aames because I had a loan for 132,000 and it was released by Ocwen, but there was a second mortgage which was never funded in the amount of 150,000 and Ocwen has no knoweledge of it

Colin RobertsonMarch 16, 2017 at 9:40 am -

Alison,

Very common name, hard to say, if it’s something to do with ResCap (GMAC), maybe it went to Ocwen? Just a wild guess, good luck!

AlisonMarch 16, 2017 at 8:38 am -

Looking to find out who took over Residential Funding Corp mortgage loans. Need a copy of a payoff statement

Colin RobertsonJanuary 26, 2017 at 10:20 pm -

Angela,

I don’t know if they merged. I believe HSBC shuttered Beneficial years ago during the crisis. And I don’t know the reputation of Rushmore Loan Management, sorry I can’t be of more help.

AngelaJanuary 26, 2017 at 7:54 pm -

Hello Colin,

My mother has been informed that her mortgage with Beneficial is being taken over by Rushmore Loan Management, she didn’t know that Beneficial was doing this. Is Rushmore a good company and did Beneficial merge with this company? Any help will be greatly appreciated.
Thank you!!

IsabelJanuary 23, 2017 at 1:25 pm -

Hello I am trying to find out who acquired Peninsula Mortgage Bankers Corporation In Coral Gables Florida. Need a copy of the payment that was used to pay off a Mortgage for my parents home in 1995. Please help me. Thank you

Colin RobertsonOctober 19, 2016 at 8:06 am -

Sharon,

I think they acquired some parts of the company in early 2016.

sharon raineyOctober 18, 2016 at 8:22 pm -

Hi. I would like to know when Residential Credit Solutions sent out of business or was acquired by Ditech. Any help is appreciated

Colin RobertsonMay 25, 2016 at 12:52 pm -

Tara,

I think Rushmore buys non-performing loans…so that might explain it. Not sure their track record on loan mods unfortunately.

Tara MedranoMay 24, 2016 at 3:23 pm -

Received a notice from our current servicer, Nationstar Mortgage LLC that they sold/transferred or assigned their servicer rights to Rushmore Loan Management Services LLC as of 6/1/16. We are in foreclosure and are being considered for a loan modification. Do you know WHY our loan was transferred/sold, and what is Rushmore’s track record on giving loan modifications and/or principal reductions. Thanks.

Amy HoyeMay 24, 2016 at 8:09 am -

I am trying to find out who is the successor of Colony Mortgage Corp. They closed and I need to obtain a release of mortgage.

PamApril 13, 2016 at 1:41 pm -

client paid off mortgage in 2005 with Chapel Mortgage and of course a satisfaction was never recorded. Who bought Chapel Mortgage, New Jersey?

JoeMarch 14, 2016 at 10:16 am -

Has WJ Bradley closed down? The employees have received notice not to come to work.

SherriMarch 8, 2016 at 11:16 am -

Paid off mortgage in 2004 – Washtenaw Mort. Co. never reconveyed the title or released the lien – it is showing on title = am in the process of selling – but Washtenaw went out of business in 2005 – no phone #’s or emails are any good. I do have a form letter from Washtenaw indicating the loan was paid in full with a copy of the final escrow account disclosure statement, but it is not signed by anyone and sent out generically from their Customer Service Department.

What can I do to have this removed from title when the company no longer exists?

JimJanuary 27, 2016 at 7:52 pm -

Need help with who acquired Advent Home Mortgage Corp/, West Chester, PA. Trying to clear up a release of lien on property. Already lost one buyer and have another but can do nothing until lien is released. Original mortgage with Advent filed 8/8/2007. Unbeknown to us 14 days later a second loan was filed by TBW for same amount. Advent loan was never released. Did TBW acquire Advent????

PaulaJanuary 22, 2016 at 11:49 am -

Paid off a loan in 2009 to Alliance Financing Mortgage Corp, out of Mt. Prospect, IL. They are no longer in business now. Lien was never released and do not have proof of payment. How do I clear up a lien with a company that no longer exists?

Colin RobertsonJanuary 6, 2016 at 3:38 pm -

Ron,

I don’t, maybe someone who visits this page will.

Ron MaxwellJanuary 6, 2016 at 3:13 pm -

need help to find who acquired and when Commodore Financial Services Corp., Dallas Texas and if it was Matrix Financial Services Corp., Dallas or wherever. Trying to clear up a release of lien on property with original note maker Commodore, Matrix released the lien and recorded it but Title company needs to establish the relationship between Matrix & Commodore. Do you know anyone who might know anything to help us get this resolved?vegasmax@yahoo.com 325-668-1015

RogerOctober 30, 2015 at 8:22 am -

I have the personal cell number for the CEO of AMC (verified by phone call this morning). Write me, I am also in Santa Ana. Send contact info to RB@MailGuppy.com and I will give you a call.

ErinOctober 19, 2015 at 10:12 am -

I had a mortgage loan with a company called AMC Mortgage Services in Santa Ana, CA. I was directed to Transnational Financial Network. All of their contact numbers are out of service. I would be greatly appreciative if anyone could assist me with current contact numbers for: AMC, TRANSNATIONAL FINANCIAL NETWORK or the institution that they were sold to.